Assembly Bill 392
Finance charges for licensed lenders
Topics: Consumer protection, Damage (personal injury), Financial Institutions, Department of, Small loan
Stopped in committee
It had a but no committee vote, so it never came up for a vote. To try again, a lawmaker would have to start a new bill.
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Introduced, passed
Aug 26, 2009
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Committee, stopped here
Stopped here. It had a hearing but no committee vote.
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Assembly vote, not reached
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Senate vote, not reached
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Governor, not reached
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Law, not reached
Latest entry in the official record, Apr 28, 2010: “Failed to pass pursuant to ”
It sat with the Assembly Committee on Financial Institutions.
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Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. More in the glossary
What it would have done
Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.
Under current law, a lender other than a bank, savings bank, savings and loan association, or credit union (financial institution) generally must obtain a license from the Division of Banking in the Department of Financial Institutions (DFI) to assess a finance charge for a consumer loan that is greater than 18 percent. This type of lender is generally referred to as a "licensed lender." With certain limited exceptions, current law provides no maximum finance charge for a consumer loan made by a licensed lender.
The bill changes the licensing requirement so that it is based on the amount of a loan, rather than the finance charge. Under the bill, a lender other than a financial institution must obtain a license if the lender makes a consumer loan of $5,000 or less.
Read the full summary Show less
The bill also prohibits a lender who is so licensed from assessing a finance charge on a consumer loan that exceeds 36 percent per year. Under the bill, "finance charge" has the same definition as under the Wisconsin Consumer Act, which is also administered by DFI. The bill requires that DFI enforce the foregoing prohibition.
A person who violates the prohibition is subject to the same penalty that applies under current law to a licensed lender who does not obtain a license, which is a fine of not more than $500, imprisonment for not more than six months, or both. In addition, the bill allows a borrower to bring an action against a lender who violates the prohibition to recover damages in an amount equal to the greater of the following:
1) twice the amount of the finance charge in connection with the loan made to the borrower; or 2) the actual damages, including incidental and consequential damages, sustained by the borrower by reason of the violation. The bill also allows the borrower to recover the costs of the action, including reasonable attorney fees.
Who's behind it
43 lawmakers are its . 38 are Democrats, 3 are Republicans and 1 is a Independent. 1 has no party on record.
15 more lawmakers .
See all 58 names Hide the names
Authors (43)
- Alvin Ott · Republican, Assembly
- Chuck Benedict · Democrat, Assembly
- Terese Berceau · Democrat, Assembly
- Penny Bernard Schaber · Democrat, Assembly
- Spencer Black · Democrat, Assembly
- Fred Clark · Democrat, Assembly
- Pedro Colon · Democrat, Assembly
- David Cullen · Democrat, Assembly
- Chris Danou · Democrat, Assembly
- Kristen Dexter · Democrat, Assembly
- Phil Garthwaite · Democrat, Assembly
- Gary Hebl · Democrat, Assembly
- Steve Hilgenberg · Democrat, Assembly
- Gordon Hintz · Democrat, Assembly
- Kim Hixson · Democrat, Assembly
- Ann Hraychuck · Democrat, Assembly
- Mary Hubler · Democrat, Assembly
- Frederick Kessler · Democrat, Assembly
- Cory Mason · Democrat, Assembly
- Nick Milroy · Democrat, Assembly
- Louis Molepske Jr. · Democrat, Assembly
- Steve Nass · Republican, Senate
- Tom Nelson · Democrat, Assembly
- Sandy Pasch · Democrat, Assembly
- Mark Pocan · Democrat, Assembly
- Sondy Pope · Democrat, Assembly
- Jon Richards · Democrat, Assembly
- Kelda Roys · Democrat, Senate
- Marlin Schneider · Democrat, Assembly
- Donna Seidel · Democrat, Assembly
- Sherman
- Christine Sinicki · Democrat, Assembly
- Jeff Smith · Democrat, Senate
- James Soletski · Democrat, Assembly
- Richard Spanbauer · Republican, Assembly
- John Steinbrink · Democrat, Assembly
- Barbara Toles · Democrat, Assembly
- Robert Turner · Democrat, Assembly
- Terry Van Akkeren · Democrat, Assembly
- Amy Sue Vruwink · Democrat, Assembly
- Leon Young · Democrat, Assembly
- Bob Ziegelbauer · Independent, Assembly
- Ted Zigmunt · Democrat, Assembly
Signed on in support (15)
- Alan Lasee · Republican, Senate
- Tim Carpenter · Democrat, Senate
- Spencer Coggs · Democrat, Senate
- Michael Ellis · Republican, Senate
- Glenn Grothman · Republican, Senate
- Dave Hansen · Democrat, Senate
- Robert Jauch · Democrat, Senate
- Julie M. Lassa · Democrat, Senate
- John Lehman · Democrat, Senate
- Mark Miller · Democrat, Senate
- Fred A. Risser · Democrat, Senate
- Judy Robson · Democrat, Senate
- Lena Taylor · Democrat, Senate
- Kathleen Vinehout · Democrat, Senate
- Bob Wirch · Democrat, Senate
What it would cost
State agencies filed a . Each opens as a PDF from the Legislature.
What happened
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Apr 28, 2010
The session ended, and the bill died with it.
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Oct 7, 2009
The committee held a public hearing.
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Sep 11, 2009
A state agency sent in its estimate of the cost.
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Aug 26, 2009
Sent to the Assembly Committee on Financial Institutions.
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Aug 26, 2009
Introduced in the Assembly.
See the official record, word for word Hide the official record
- Aug 26, 2009 · Assembly
Introduced by Representatives Hintz, Milroy, Hixson, Colon, Richards, Benedict, Berceau, Bernard Schaber, Black, Clark, Cullen, Danou, Dexter, Garthwaite, Hebl, Hilgenberg, Hraychuck, Hubler, Kessler, Mason, Molepske Jr., Nass, Nelson, A. Ott, Pasch, Pocan, Pope-Roberts, Roys, Schneider, Seidel, Sherman, Sinicki, Smith, Soletski, Spanbauer, Steinbrink, Toles, Turner, Van Akkeren, Vruwink, Young, Ziegelbauer and Zigmunt;Cosponsored by Senators Hansen, Carpenter, Coggs, Ellis, Grothman, Jauch, A. Lasee, Lassa, Lehman, Miller, Risser, Robson, Taylor, Vinehout and Wirch
- Aug 26, 2009 · Assembly
Read first time and referred to committee on Financial Institutions
- Sep 11, 2009 · Assembly
Fiscal estimate received
- Oct 7, 2009 · Assembly
Public hearing held
- Apr 28, 2010 · Assembly
Failed to pass pursuant to Senate Joint Resolution 1
Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. More in the glossary
From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate